Common use of Payment to Holders Clause in Contracts

Payment to Holders. 45 11.5 Payment Permitted If No Default...............................................................46 11.6 Subrogation to Rights of Holders of Senior Debt...............................................46 11.7 Provisions Solely to Define Relative Rights...................................................47 11.8

Payment to Holders. 45 56 Section 11.5 Payment Permitted If No Default...............................................................46 ................57 Section 11.6 Subrogation to Rights of Holders of Senior Debt...............................................46 ...........................................57 Section 11.7 Provisions Solely to Define Relative Rights...................................................47 ....57 Section 11.8